How to find and select fix and flip properties.
Finding fix and flip properties is getting more difficult as inventory dwindles and more and more investors are vying for the same property. To stay competitive and get the deals, fix and flip investors must get more savvy and employ more resources and tools. This article provides tips to help you do just that. Following are tips for finding and selecting fix and flip properties.
Select the right neighborhood. Start local or in a market you know. There are several reasons for staying local;
- you’ll save time and money on travel time
- you can see the trends to know which areas are on the upswing
- you’ll have easier access to supplies and materials and hopefully get good deals on them
Select the right property. Condos and single-family homes at median price points tend to be the most liquid. You’ll also want to pick fix and flip properties that require modest renovations. Stay away from big structural changes.
Pay attention to market conditions. Even when you live and work in a neighborhood you’ll still want to pay attention to the market trends. Try to stay ahead of the curve when it comes to pricing and condition of comparable properties, average number of days properties are on the market and property taxes.
Know your numbers. Get really good at estimating costs and expenses.
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